20150623-瑞银证券-中海石油化学(3983):SIGNIFICANT_DOWNSIDE_RISK_TO_2015F_CONSENSUS-590499

$中海石油化学(hk03983)$
We lower our 2015 EPS estimate by 15% given:1)long maintenance work at China BlueChemical's(CBC)two plants in H115(one urea and one methanol plant);2)higher-than-expected administrative and selling expenses due to phosphate transportation;and 3)some units have started purchasing expensive gas from CNOOC's(CBC's sister company)new gas adjustment projects.These more than offset our slightly more positive outlook on China's domestic urea prices.Our 2015/2016 EPS estimates are 28%/22% below Reuters consensus.We believe better buying opportunities for CBC's shares might emerge after consensus expectations are materially reset.
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*声明:文章为作者独立观点,不代表格隆汇立场

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